Previous year purchase
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2012
Dear experts,
in a company (50cr T.O), purchases are accounted on the "date of receiving" the invoices rather than date of material arrival. (no provisions created) they are saying that this is their custom long since.
there are lot of previous year purchases (approx 20lakhs)they are saying that they received the invoices now only. pls tell me what will be sequence?
in a company (50cr T.O), purchases are accounted on the "date of receiving" the invoices rather than date of material arrival. (no provisions created) they are saying that this is their custom long since.
there are lot of previous year purchases (approx 20lakhs)they are saying that they received the invoices now only. pls tell me what will be sequence?
07 January 2012
Once the goods have been received in the premises of the company, the liability is crystalised.
The accounting of goods on receipt is not in order.
How do they account for stocks and carry out physical verification of inventory? There would be discrepancy in this as well.
The accounting of goods on receipt is not in order.
How do they account for stocks and carry out physical verification of inventory? There would be discrepancy in this as well.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- TAX AUDIT QUESTION
- Grand in aid
- ASMT-10 received from A O
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Taxability of credit in canara bank ET & T section (NRO)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
